The Shaw Group
|The Shaw Group||---||Stone & Webster||---||Badger Technologies|
|＞||Badger Licensing L.L.C.|
The Shaw Group
The Shaw Group,
founded in 1987, has grown to become the world's only
vertically-integrated provider of complete piping systems, and
comprehensive engineering, procurement and construction services.
Shaw specializes in the power generation and process industries
along with the environmental and infrastructure sectors. Through
a prudent management strategy, The Shaw Group has grown in size
and ability, and has enhanced its comprehensive product and
service offerings to customers while expanding its industrial
A dedication to safety and service, along with the provision of quality products and workmanship are critical elements of a philosophy leading the Company into the future.
Shaw employs over 20,000 people with facilities maintained in North America, South America, Europe, the Middle East, and the Asia-Pacific regions.
Stone & Webster
Stone & Webster, A Shaw Group Company, is one of the world's foremost engineering-construction companies. Founded in Boston in 1889 as an electrical testing laboratory and consulting firm, Stone & Webster has evolved into a global organization employing more than 5,000 people worldwide.
July 17, 2000 The Shaw Group Inc.
The Shaw Group Completes Acquisition of Assets of Stone & Webster
The Shaw Group Inc. ("Shaw" or "the Company") today announced that it has completed the acquisition of substantially all of the assets and the assumption of certain liabilities of Stone & Webster, Inc. ("S&W"). In a press release dated July 7, 2000, the Company stated that it was the successful bidder in an auction for the business of S&W, with a purchase price of approximately $38 million in cash and approximately 2.5 million shares of Shaw Common Stock. On July 13, 2000, a court order was signed under Chapter 11 of the U.S. Bankruptcy Code approving the transaction.
July 7, 2000 The
Shaw Group Inc.
The Shaw Group Wins Bid For Assets of Stone & Webster
Combination Creates Preeminent, Global Engineering Company With Unique Integrated Capabilities
The Shaw Group
Inc. ("Shaw" or "the Company") today
announced that it was the successful bidder in the auction for
the business of Stone & Webster, Inc.
("S&W") in a proceeding under Chapter 11 of the U.S. Bankruptcy
Code. In the transaction, which is subject to bankruptcy court
approval, Shaw will acquire substantially all of the assets and
assume certain liabilities of S&W, for a total purchase price
of approximately $38 million in cash and approximately 2.5
million shares of Shaw Common Stock. Shaw will also assume
liabilities with a book value of approximately $450 million and
acquire assets with a book value of approximately $600 million.
The combination of S&W's business, with its premier engineering capabilities and 110-year history, and Shaw's business, with its turnkey capabilities and extensive expertise in the worldwide piping industry, will create a unique, new model in the engineering and construction business. Moreover, Shaw's unparalleled experience and S&W's recognized leadership in the worldwide power market will form a dominant new force in the global power industry. The Shaw and S&W businesses had revenues of approximately $1.7 billion in 1999, and will move forward with a total backlog of work exceeding $2.0 billion.
J. M. Bernhard, Jr., Shaw's Chairman, President and Chief Executive Officer, stated, "After completion of the financial, operational and legal due diligence, we are very excited to announce that we have made a successful bid for the assets of Stone & Webster. With this combination, we believe that Shaw will be a leader in setting a new paradigm in an industry that has warranted change. Stone & Webster has a recognized name in the industry, and its premier engineering capabilities complement our strategy and recent strengthening in the power market, particularly our announced joint venture with Entergy. We plan to move quickly in closing the transaction, and upon doing so, will focus on integrating core capabilities and divesting non-core assets."
Shaw will continue to be headquartered in Baton Rouge, Louisiana, with operating facilities worldwide. The acquisition will initially bring Shaw's total employee count to approximately 13,000 people.
An integration team of Shaw executives and key S&W personnel, as well as outside resources, will immediately begin integrating Shaw and S&W's businesses, initially focusing on maintaining and enhancing customer relationships, supporting current project management, and retaining key personnel.
Pending approval by the court, which is expected today, Shaw anticipates closing the transaction as early as next week.
Background on Shaw and S&W
The Shaw Group Inc. is the largest supplier of fabricated piping systems and services in the world, with unparalleled piping experience and expertise in the global power generation market. Shaw is also a leader in providing innovative solutions to the chemical and petrochemical processing, crude oil refining and oil and gas exploration and production industries. With over 7,500 employees worldwide, Shaw distinguishes itself by offering its customers comprehensive piping solutions consisting of integrated engineering and design, fabrication, erection and maintenance of piping systems and the manufacture of specialty pipe fittings and supports. The ability to provide comprehensive piping solutions enables the Company to be a cost-effective single-source provider of fabricated piping systems and services for projects around the world. The Company operates facilities in California, Louisiana, New Hampshire, New Jersey, Oklahoma, South Carolina, Texas, Utah, Virginia, Australia, the United Kingdom, Venezuela and Bahrain, where it has a 49% interest in a joint venture.
Stone & Webster is a leading global provider of full-service, value-added engineering, procurement, construction, consultation and environmental services to the power, process, governmental and industrial markets. S&W is headquartered in Boston, Massachusetts and employs over 5,500 people at operations in the US and internationally.
Shaw Announces Acquisition of Badger Technologies Unit From Washington Group International, Inc.
The Shaw Group Inc. ("Shaw" or "the Company") today announced that its subsidiary, Stone & Webster, Inc., has acquired substantially all of the assets of the Badger Technologies unit from Washington Group International, Inc. for $17.7 million and the assumption of certain liabilities. Badger Technologies, previously part of Raytheon Engineers & Constructors, develops, licenses, and commercializes petrochemical and petroleum refining-related technologies. Most notably, the company licenses ethylbenzene and cumene technologies in cooperation with ExxonMobil Chemical Company, and styrene technology in cooperation with ATOFINA.
Badger Technologies will be integrated into Stone & Webster's Process Division which already offers leading-edge proprietary technologies in ethylene and propylene from steam cracking and Fluid Catalytic Cracking to the petrochemical and refining industries. Badger Technologies employs approximately 160 people. Its offices and laboratories located in Massachusetts will be maintained.
Nick Gallinaro, President of the Process Group within Shaw's ECM Division, stated, "This acquisition is seen as a key element of our strategy to expand the technology portfolio of the Process Division and to increase Shaw's revenues through process licensing activities. Furthermore, we look forward to expanding technology partnering and alliance relationships, and leveraging this into additional downstream engineering, procurement, construction and fabrication opportunities."
The Shaw Group Inc. offers a broad range of services to clients in the environmental and infrastructure, and power and process industries worldwide. The Company is a leading provider of consulting, engineering, construction, remediation and facilities management services to the environmental, infrastructure and homeland security markets. Shaw is also a vertically-integrated provider of comprehensive engineering, consulting, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The Company is headquartered in Baton Rouge, Louisiana with offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region and employs approximately 17,000 people. For more information please visit our website at www.shawgrp.com.
April 23, 2003
The Shaw Group Inc.
Shaw Subsidiary, Stone & Webster, Inc. and ExxonMobil Chemical Company Affiliate Form Joint Venture Company
The Shaw Group
Inc. ("Shaw" or "the Company"), announced
today that its subsidiary, Stone & Webster, Inc. and an
affiliate of ExxonMobil Chemical Company, a division of Exxon
Mobil Corporation, have formed a joint venture company for
licensing petrochemical technology products. This new 50/50
venture will operate under the name Badger Licensing L.L.C. The formation of Badger
Licensing is being completed concurrently with Stone &
Webster's acquisition of the assets of the Badger Technology unit
from Washington Group International, Inc., which was previously
announced by the Company.
Badger Licensing will principally be engaged in marketing, licensing, and developing new and improved technologies for Ethylbenzene (EB), Cumene and their derivative products. The joint venture will also be dedicated to supplying catalysts and basic engineering packages specifically developed for these processes. The EB and Cumene technologies now offered exclusively by Badger Licensing are employed in more than 40 facilities worldwide.
Nick Gallinaro, President of Shaw's Process Group, stated, "In forming Badger Licensing, Shaw and ExxonMobil Chemical have taken a key step to ensure the delivery of high-value technology to the petrochemical industry for the production of EB and Cumene, and to enhance development in related technology areas."
ExxonMobil Chemical not only offers substantial know-how, key elements of intellectual property, and catalyst development expertise to the Badger Licensing venture, it combines with the Badger technologies to provide additional process design, equipment-related expertise and project development skills for the advanced development of petrochemical technology.
The Shaw Group Inc. offers a broad range of services to clients in the environmental and infrastructure, and the power and process industries worldwide. The Company is a leading provider of consulting, engineering, construction, remediation and facilities management services to the environmental, infrastructure and homeland security markets. Shaw is also a vertically-integrated provider of comprehensive engineering, consulting, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The Company is headquartered in Baton Rouge, Louisiana with offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region and employs approximately 17,000 people. For more information please visit our website at www.shawgrp.com.
ExxonMobil Chemical is a global leader in technology, product quality and customer service with petrochemical manufacturing and/or marketing operations in more than 150 countries around the world. For more information on petrochemical technology licensing of ExxonMobil Chemical, visit the web site at www.exxonmobilchemicaltsl.com.
To find out more about ExxonMobil Chemical, visit www.exxonmobilchemical.com.